Legal Question in Real Estate Law in Michigan

defrauded in Michigan

I have been defrauded in a scheme in Detroit. I'm an investor who was sold property that was over-appraised and misrepresented by a management company. What law defines if a mortgage is fraudulent, and if the mortgage is null and void?


Asked on 9/01/07, 4:59 pm

1 Answer from Attorneys

Renee Walsh LawRefs Nonprofit

Re: defrauded in Michigan

There are several laws that would apply. A mortgage is a contract and would be governed by contract law. A defense to enforcement of a contract does exist in showing lack of volitional consent. Duress and coercion and fraud in the inducement can be argued to make consent to the bargain ineffective. Furthermore, as a victim of fraud in the inducement, you consent to the bargain with a false impression of the terms or obligations. Such contracts are voidable at the election of the innocent party.

Additionally, Regulation Z is a federal law requiring lenders to disclose information and the Truth-In-Lending Act requires borrowers to be informed about the true amount they will pay for credit.

If you have further questions, please do not hesitate to contact me for additional free legal advice at www.lawrefs.com.

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Answered on 9/01/07, 11:07 pm


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